Indian banking and financial services company Axis Bank has partnered with e-commerce marketplace Flipkart to facilitate personal loans for the latter’s customers.

Through the collaboration, the parties aim to bring additional convenience and improved benefits to Flipkart’s 450 million customers.

Both companies will co-develop a digitally enabled personal loan offering for the e-commerce marketplace’s customers.

According to Axis Bank, the newly introduced personal loan service provides highly competitive loan options, granting access to amounts as high as INR500,000 ($6,053.3).

The service also gives customers flexible repayment cycles ranging from six to 36 months.

Besides, the personal loan facility will support customers with enhanced purchasing power and increased accessibility and affordability.

Axis Bank digital business and transformation president and head Sameer Shetty said: “Axis Bank is a full suite financial solutions provider and we continue to build on innovation led partnership models with a commitment to drive access to formal credit in India with offerings that will benefit the customer the most.

“In this endeavour, we are pleased to partner with Flipkart, to provide unparalleled lending solutions to a wider spectrum of customers offering customised solutions that cater to the specific needs of users.”

The approval process for the loans is expected to be completed within 30 seconds.

Customers can initiate their loan application by providing basic details including permanent account number (PAN), date of birth, and work details.

On providing the details, Axis Bank will approve their loan limit.

Furthermore, customers are allowed to choose their preferred loan amount and repayment method by taking into account their monthly repayment capability.

Before approving the loan application, Flipkart will provide a thorough loan summary, repayment information, and terms and conditions for review.

Flipkart fintech and payments group senior vice president Dheeraj Aneja said: “Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards.”